Thomson Reuters lifts full-year revenue forecast with focus on AI rollout

Thomson Reuters raised its full-year revenue forecast on Aug 5, with CEO Steve Hasker emphasizing the company's focus on investing and developing AI technologies. The Toronto-based content and technology firm revealed that its proprietary large language model, Thomson, outperformed frontier models from Anthropic, OpenAI, and Google.

Thomson Reuters reported a 9% rise in second-quarter revenue to $1.95 billion, exceeding analysts' projections. Hasker explained that the company intends to invest in Thomson and create applications for legal, tax, and accounting professionals, aiming to commercialize the model further. This strategic shift comes as AI advancements raise concerns among established companies, prompting Thomson Reuters to explore sovereign AI solutions to maintain control over their models and provide tailored services to clients.

CFO Gary E. Bischoping Jr. noted that 32% of Thomson Reuters' contract value now includes generative AI components, reflecting the growing significance of AI in the company's business operations.